MoneyLion, a digital ecosystem for consumer finance, closed a $70 million loan facility with Silicon Valley Bank (SVB), a division of First Citizens Bank, to refinance MoneyLion’s existing senior debt and lower its cost of capital.
Summary of the new credit agreement with SVB:
- $70 million aggregate principal amount of term loans
- Proceeds of the initial term loans were used to repay in full the approximately $65 million aggregate principal amount outstanding under the company’s existing loan facility, including accrued and unpaid interest and related fees, to pay transaction-related fees and expenses and for ongoing working capital and general corporate purposes.
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“This refinancing marks an important milestone in MoneyLion’s evolution as we advance our mission to empower consumers with innovative financial solutions, now with a stronger and more flexible balance sheet commitment from a reputed bank partner in Silicon Valley Bank,” Dee Choubey, co-founder and CEO of MoneyLion, said.
“By lowering our cost of capital and extending our debt maturity, we’ve strengthened our financial position,” Rick Correia, president and chief financial officer of MoneyLion, said. “This enables us to accelerate organic investments in innovation, expand our ecosystem, and position MoneyLion to scale rapidly and efficiently as we become the number one place for financial decisions.”
